Impact of the pandemic COVID-19 on the hospitality industry - Evaluation based on financial performance
Abstract
The year 2020 brought significant changes in a global society and also in individual national economies. These changes were caused by the Covid-19 pandemic and its impact is evident in almost all sectors/market sectors.
From a general point of view, the greatest impact is observed in the tourism sector, which has been gradually suspended in many countries and its recovery is very slow. Hospitality as one of the main industries belonging to tourism is burdened with constant changes, and many restaurants, cafes, and bistros are struggling to survive.
This paper focuses on the field of hospitality in European countries. The main goal of the paper is to identify financial indicators of performance, developed from the changes between the pre-covid and covid period (era since 2018 till 2020).
The purpose is to reveal the impact of the Covid-19 pandemic on individual states. All data for fulfilling the main goal, have been gained from the Orbis Europe database, from which we gained data of 2476 companies.